Business: Too Much Wheat

Last week U. S. granaries grew greater and greater with stored wheat. U. S. wheat markets went through heavy liquidation. U. S. wheat dropped below 95¢ per bushel, lowest price since 1923, and as low as the lowest low since the War. In recent years dollar wheat has been an ebbtide mark, a symptom of a demoralized market, a text for sermons on overproduction and the farmer. But last week dollar wheat would have been good news: 90¢ wheat seemed to be the new low level for which crop prices were heading.

Simple enough was the explanation—"too much wheat." About 350 million...

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